Dan Auito
03-15-2008, 09:17 PM
This is pretty much what happened in our neck of the woods, how about yours?
Quick Market snapshot
Newsflash 2001, Dot Com Bubble bursts, stock market tanks and investors begin flocking to safe havens in real estate, investors begin buying in, and prices begin to rise due to new demand, speculators start pushing prices higher.
2001-2005 times are great, demand is high, prices are reaching all time highs and the feds are loaning low interest money to anyone with a pulse, homeowners are getting new appraisals and taking seconds to buy toys and pay down revolving debt.
Sept 2006 real estate hits the wall in Citrus County, prices level off and then begin to fall and they are still falling today, construction stops, the economy tanks due to unemployment, homes begin to go into foreclosure and short sales begin to appear as banks are ordered to dump non-performing assets.
Spring 2008, Homes with no equity are upside down and headed towards foreclosure only worsening the outlook for the spring sales season, the agents weathering this storm are the ones who saved for the rainy day or have a spouse working for the government!
As we speak prices are continuing to fall, inventories are climbing and demand is low, impending foreclosures will only add to worsening conditions over the coming months, what’s an agent to do?
P.S. Fun link of the day:
http://www.youtube.com:80/watch?v=D99NHb6B03s (http://www.youtube.com/watch?v=D99NHb6B03s)
Quick Market snapshot
Newsflash 2001, Dot Com Bubble bursts, stock market tanks and investors begin flocking to safe havens in real estate, investors begin buying in, and prices begin to rise due to new demand, speculators start pushing prices higher.
2001-2005 times are great, demand is high, prices are reaching all time highs and the feds are loaning low interest money to anyone with a pulse, homeowners are getting new appraisals and taking seconds to buy toys and pay down revolving debt.
Sept 2006 real estate hits the wall in Citrus County, prices level off and then begin to fall and they are still falling today, construction stops, the economy tanks due to unemployment, homes begin to go into foreclosure and short sales begin to appear as banks are ordered to dump non-performing assets.
Spring 2008, Homes with no equity are upside down and headed towards foreclosure only worsening the outlook for the spring sales season, the agents weathering this storm are the ones who saved for the rainy day or have a spouse working for the government!
As we speak prices are continuing to fall, inventories are climbing and demand is low, impending foreclosures will only add to worsening conditions over the coming months, what’s an agent to do?
P.S. Fun link of the day:
http://www.youtube.com:80/watch?v=D99NHb6B03s (http://www.youtube.com/watch?v=D99NHb6B03s)